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Emerging Markets

Refusal to rehabilitate puts recovery rates at risk

Companies at, or nearing, insolvency have more options for rehabilitation in this recession than they did during the downturn of the early 1990s. But there are worrying signs that they are not getting the help that they might, damaging recovery rates for lenders.

  • 02 Dec 2008

Consensus estimates for leveraged loan default rates in the current downturn slump have now risen to around 10%, but, worse, the highly levered, covenant-lite structures that were favoured in the 2005-2007 leveraged buyout boom are likely to deliver low recovery rates.

Some covenants are so loose that lenders ...

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Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 Mar 2015
1 HSBC 7,822.99 46 10.85%
2 Citi 7,243.90 28 10.05%
3 JPMorgan 5,529.51 24 7.67%
4 Morgan Stanley 5,107.08 12 7.09%
5 Deutsche Bank 5,059.04 30 7.02%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 03 Mar 2015
1 Morgan Stanley 4,077.77 5 0.00%
2 HSBC 2,498.63 6 0.00%
3 Citi 2,158.06 6 0.00%
4 Bank of America Merrill Lynch 2,148.28 5 0.00%
5 BBVA 1,735.39 3 0.00%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 03 Mar 2015
1 Citi 2,033.46 9 13.80%
2 SG Corporate & Investment Banking 1,462.06 4 9.92%
3 BNP Paribas 1,385.46 3 9.40%
4 Deutsche Bank 992.66 6 6.74%
5 JPMorgan 824.51 2 5.60%

EMEA M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 Mar 2015
1 Lazard 122.65 22 0.00%
2 Goldman Sachs 102.15 20 0.00%
3 Bank of America Merrill Lynch 97.67 18 0.00%
4 Citi 97.25 17 0.00%
5 Deutsche Bank 97.18 17 0.00%

Bookrunners of Central and Eastern Europe: Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 03 Mar 2015
1 Intesa Sanpaolo SpA 24.80 1 100.00%
Subtotal 24.80 1 100.00%
Total 24.80 1 100.00%

Bookrunners of India DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 04 Mar 2015
1 AXIS Bank 1,036.95 20 13.40%
2 Standard Chartered Bank 664.28 11 8.58%
3 Barclays 577.41 8 7.46%
4 Citi 555.73 5 7.18%
5 ICICI Bank 514.65 13 6.65%